Who is eligible to file ITR4 (Sugam) Form?

ITR 4 applicability extends to Individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships or LLPs) who choose the presumptive income scheme under Sections 44AD, 44ADA, or 44AE.

What is the Presumptive Taxation Scheme?

The presumptive taxation scheme simplifies tax compliance for small taxpayers by allowing them to estimate their income at prescribed rates, reducing the burden of maintaining extensive financial records. Sections 44AD, 44ADA, and 44AE provide relief to eligible taxpayers.

Who is eligible for the Presumptive Taxation Scheme under Section 44AD?

Resident individuals, Resident Hindu Undivided Families (HUFs), and Resident Partnership Firms (excluding Limited Liability Partnerships) engaged in certain businesses can use this scheme to estimate their income, subject to specific conditions.

Who can utilize the Presumptive Scheme under Section 44ADA?

Resident individuals in India who are professionals in fields specified under Section 44AA(1) can use this scheme to estimate their professional income, subject to certain conditions.

What is the eligibility for the Presumptive Scheme under Section 44AE?

This scheme is applicable to individuals, HUFs, firms, and other residents or non-residents engaged in the business of plying, leasing, or hiring goods carriages. They can estimate their income under this scheme, provided they own not more than ten goods carriages during the previous year.

What are the eligibility criteria for using ITR-4 (Sugam) Form?

To use ITR-4 (Sugam), taxpayers must meet specific criteria: Total income should not exceed Rs. 50 lakh. Income must be derived from specified sources, such as salary, pension, one house property, interest income, presumptive business income (up to Rs. 2 crores), and professional income (up to Rs. 50 lakh).

What types of Income are not eligible for ITR 4 income tax filing?

ITR 4 income tax form cannot be used for income types like profits and gains from certain businesses, more than one house property, capital gains, lottery winnings, owning and maintaining racehorses, and certain other specified incomes.

Can a taxpayer with a loss file ITR-4 (Sugam)?

Taxpayers with certain types of losses, deductions, or tax credits, as specified in the Income Tax Act, are not eligible to file ITR-4 (Sugam).

What is the structure of ITR-4 (Sugam) Form?

ITR-4 (Sugam) consists of four parts: Part A: General Information Part B: Gross Total Income Part C: Deductions and Total Taxable Income Part D: Tax Computation and Tax Status

Is the annexure of documents required when filing ITR-4 (Sugam)?

No, taxpayers are not required to attach any additional documents, including TDS certificates, when filing ITR-4 (Sugam).

Why choose IndiaFilings for ITR-4 (Sugam) filing?

IndiaFilings offers expert guidance, convenience, accuracy, and timely filing services for ITR-4 (Sugam). Our professionals ensure compliance with tax regulations, making the filing process hassle-free.

Can ITR-4 (Sugam) be filed online?

Yes, you can file ITR-4 (Sugam) online through the official Income Tax Department website or using authorized e-filing intermediaries like IndiaFilings.

What is the penalty for late filing of ITR-4 (Sugam)?

Late filing of ITR-4 (Sugam) can result in penalties under section 234F, which can be up to Rs. 10,000, depending on the delay.

Can I revise my ITR-4 (Sugam) after filing?

Yes, you can revise your ITR-4 (Sugam) within the specified period if you discover errors or omissions in the original filing.

Are there specific exemptions for professionals under ITR-4 (Sugam)?

ITR-4 (Sugam) does not provide specific exemptions for professionals. However, it is designed for taxpayers who choose the presumptive income scheme, which can simplify tax calculations for professionals.

Is there a difference in the due dates for individuals and businesses filing ITR-4 (Sugam)?

The due date for filing ITR-4 (Sugam) is the same for both individuals and businesses. It depends on whether the accounts are subject to audit.

Can ITR-4 (Sugam) be filed manually, or is e-filing mandatory?

E-filing is mandatory for taxpayers whose accounts are required to be audited under Section 44AB of the Income Tax Act. Others may choose to file manually.

Itr 4 Sugam Form In Chandigarh

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ITR 4 return filing in Chandigarh is for the taxpayers who have opted for a presumptive taxation scheme under Sections 44D, 44DA, 44AE of the Income Tax Act. The presumptive taxation scheme has exempted all the small taxpayers from maintaining the book of accounts thereby reducing the compliance burden. If the turnover is exceeding Rs.2 crore then the taxpayer is required to file ITR 3 Returns.

Who is eligible to file ITR 4 Return Filing in Chandigarh ?

ITR 4 return filing in Chandigarh is to be done by the individuals who satisfy the following conditions:

Business Income under Section 44AD/Section 44AE
Income from the profession as per Section 44DA
Income from Salary or Pension is about Rs.50 lakhs
Income from one house property is about Rs.50 lakh.
Income from other sources is up to Rs.50 lakh (Does not include winning the lottery or horse races)
ITR 4 return filing in Chandigarh can also be done by freelancers if in case their income is not exceeding Rs.50 lakh.

How to file ITR 4 returns in Chandigarh ?

ITR 4 return filing in Chandigarh can be both online as well as offline.

How to file ITR 4 returns in Chandigarh online?

To file ITR 4 Returns in Chandigarh online one has to furnish returns digitally using the Digital Signature Certificate
Or by transmitting the data electronically and then submitting the verification of the returns made in Form ITR V.

If in case ITR 4 filing in Chandigarh is done using the Digital Signature then an acknowledgment is sent to the registered Email id.

How to file ITR 4 returns in Chandigarh offline?

By furnishing the returns made in a physical form
By furnishing a bar-coded return- An acknowledgment is issued once the physical paper return is submitted.

What is the structure of the Form ITR 4 Returns in Chandigarh ?

The structure of Form ITR-4 is as follows

Part A: General Information
Part B: Gross total income under the five heads of income
Part C: Deductions and Total Taxable Income
Schedule BP: Details of Income from Business
Schedule 80G: Details of Donations entitled for deduction under Section 80G
Schedule IT: Statement of payment of advance tax and tax on self-assessment
Schedule- TCS: Statement about Tax Collected at source
Schedule TDS1: Statement of Tax Deducted at Source on Salary
Schedule TDS2: Statement of tax deducted at source on income apart from salary
Verification column

In this way, you can file the ITR 4 returns in Chandigarh with the help of IndiaFilings.

Itr 4 Sugam Form In Chandigarh FAQ's

Form ITR 4 in Chandigarh can be filed by the taxpayers who have opted for the presumptive income scheme under Sections 44D, 44AD, 44AE of the income tax Act, 1961.

ITR 4 in Chandigarh cannot be filed by the taxpayers who category for businesses with a turnover of over Rs.2 crores and professionals with gross receipts that exceed Rs.50 lakh.

ITR 4 form in Chandigarh is to be used when the assessee falls into the following category:

Income from the profession and has opted under presumptive taxation scheme.

Income from the proprietary business or profession including income from house property, salary, pension, and other sources.

ITR 4 filings in Chandigarh can be done before 31st July for individuals and 30th September for the businesses.

Itr 4 Sugam Form In Chandigarh

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